Xerox to Cut 2,400 Jobs

The job cuts represent more than 3 percent of the company's global workforce.

Xerox Corp. on Tuesday said it would cut about 2,400 jobs over the next three months and shut down some facilities as part of its initiative to cut about $1 billion in costs.
The job cutswhich represent more than 3 percent of its global workforce of 69,900 employeeswill come through a combination of voluntary programs and layoffs in the United States and Canada, said the Stamford, Conn., printer and copier giant.
Job cuts in Europe and other countries will depend on the outcome of consultations with workers councils and government policies in those countries, Xerox said.

Xerox will pay a pre-tax fourth-quarter charge of $350 million to $400 million for the restructuring, the company said.

"For Xerox to continue building momentum in this uncertain economy, we need to accelerate our drive to improve efficiency while delivering competitive products and services to our customers," Chairman and CEO Anne Mulcahy said in a prepared statement. "Todays difficult economic challenges require difficult decisions."
Xerox has been hobbled over the past year by a Securities and Exchange Commission investigation, and in June it had to restate its revenues, which led to a $1.4 billion shortfall.